hrd,.3answer must be correct or i will give down vote A truck costing $12,000, which has Accumulated Depreciation of $9,000, was sold for $2,000 cash. Theentry to record this event would include aO gain of $1,000.credit to the Vehicles account for $3,000.loss of $1,000.credit to Accumulated Depreciation for $9,000.

Given information:Original cost = $12,000Depreciation = $9,000Selling price = $2,000 Required:The…

Answered: A truck costing $12,000, which has…

Principles of Accounting Volume 1

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Chapter11: Long-term Assets

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Problem 4EB: Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...

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A truck costing S72,000 has accumulated depreciation of $48,000. The truck is sold for $8,500. The journal entry to record this transaction is to: O A. debit Cash for $8,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000 and credit Gain on Disposal for S32,500. O B. debit Cash for $15,500, debit Truck for $72,000, credit Accumulated Depreciation - Truck for $48,000, and credit Gain on Disposal for $8,500. OC. debit Accumulated Depreciation - Truck for $48,000, and credit Truck for $48,000. O D. debit Cash for $8,500, debit Accumulated Depreciation - Truck for $48,000, debit loss on Disposal for $15,500 , and credit Truck for $72,000.
A truck costing $12,000, which has Accumulated Depreciation of $9,000, was sold for $2,000 cash. The entry to record this event would include a: gain of $1,000. credit to the Vehicles account for $3,000. loss of $1,000. credit to Accumulated Depreciation for $9,000.
A business purchased a motor car on 1 July 20X3 for $20,000. It is to be depreciated at 20 per cent per year on the straight line basis, assuming a residual value at the end of five years of $4,000, with a proportionate depreciation charge in the years of purchase and disposal. The $20,000 cost was correctly entered in the cash book but posted to the debit of the motor vehicles repairs account. How will the business profit for the year ended 31 December 20X3 be affected by the error?
Good Dairy sold a delivery truck for cash of $6,400. The original cost of the truck was $26,000, and a loss of $4,000 was recognized on the sale. The accumulated depreciation at the date of sale must have been: A . $15,600. B. $12,400. C. $8,400. D. $19,600.
You are an accountant for ABC Corp. Your purchasing department has procured products invoiced for $25,000 with 2/10 Net 30 terms. If you pay the invoice within 15 days, your payment would be: $25,500. $20,000. $24,500. $25,000. Accounting depreciation systematically allocates the cost of an asset in time over its useful life while economic depreciation deals with: The estimated loss of value of an asset minus the revenue it produces. The estimated salvage value of an asset at its end-of-life. The change of an asset’s value based on fair market price. The value of an asset matched to the revenue it creates indirectly.
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A machine costing $75,000 is purchased on January 1, Year 1. The machine is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double-declining-balance depreciation is used. If the machine is sold on January 1, Year 4 for $9,000, the journal entry to record the sale will include: A credit to gain on sale for $1,000. A debit to loss on sale for $1,000. A credit to accumulated depreciation for $65,000. A credit to loss on sale for $1,000. A credit to cash for $9,000.
On January 1, 20x0, a company purchased a delivery truck for $30,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $6,000. On July 1, 20x5, they sold the truck for $7,400. Assuming the company uses straight line depreciation and records depreciation expense monthly, calculate the gain or loss associated with selling the truck.
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What is the depreciation rate for this accounting question?
A machine with a cost of $150,000 and accumulated depreciation of $95,000 is sold for $70,000 cash. The amount that should be reported in the operating activities section reported under the direct method is: Multiple Choice $70,000. $15,000. $55,000.

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A truck costing $12,000, which has Accumulated Depreciation of $9,000, was sold for $2,000 cash. The entry to record this event would include a O gain of $1,000. credit to the Vehicles account for $3,000. loss of $1,000. credit to Accumulated Depreciation for $9,000.